Lansing-East Lansing was the nation’s most affordable housing market, defined as a metro with a population of at least 500,000. Here, 84.4 percent of all new and existing homes sold in the third quarter were affordable to families earning the area’s median income of $89,500.

Top five affordable major housing markets:
1. Lansing-East Lansing, Mich.
2. Indianapolis-Carmel-Anderson, Ind.
3. Scranton-Wilkes-Barre, Pa.
4. Toledo, Ohio
5. Syracuse, N.Y.

The National Association of Home Builders has reported this week U.S. housing affordability fell to its lowest level since NAHB began tracking it on a consistent basis in 2012. They say rising mortgage rates, ongoing building material supply chain disruptions, high inflation and elevated home prices and pushed the housing market into a recession.

According to the NAHB/Wells Fargo Housing Opportunity Index, just 42.2% of new and existing homes sold between the beginning of July and end of September were affordable to families earning the U.S. median income of $90,000. This marks the second consecutive quarterly record low for housing affordability since the Great Recession.